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What if I told you buying your own house/townhome and renting part of it out would be the equivalent of an extra annual salary for you? Would you be interested?? Umm, you should be.
"House Hacking" is the genius method (that I myself have successfully used) of leveraging your home to gain wealth through the 4 income-streams of real estate: cashflow, debt paydown, appreciation, and tax benefits. It can take many forms: simply having roommates you would have anyways, living in one unit of a duplex, triplex or quad, or renting out a spare room on Airbnb. Today, almost anyone can do this but so few really know about it or take advantage of it! But those who have have seen their wealth and net worth grow exponentially faster than focusing all their time and money on reducing debt.
Let's look at a real case scenario for roommates (these numbers are estimated, so please speak to a lender):
-Let's say you are paying $650/month renting. That is $7,800 per year, or $23,400 in 3 years (yes you read correctly, tears should be flowing!)....and you will never see that money again.
Fast-track hack to increasing your net worth and cashflow exponentially:
-Buy a house at $350,000 with a $1,000 (yes, one-thousand) downpayment (this is real, lenders are offering it right now).
- Mortgage, interest, taxes, insurance, PMI: $2100/month.
- 2 roommates paying $750/mo rent each: you pay only $600/month, for $350,000 of real estate.
- 3 roommates paying $695/mo each: you pay $0/mo & LIVE RENT FREE.
- Loan balance is being paid down $6,000 per year(that's principal!), which is all equity for you.
- Home value is appreciating at a conservative 4% per year(it's been 6% to 8% the last few years), which is $14,000 per year=more equity for you.
Your 4 NEW income-streams:
- Stop paying $650/mo = You just made $7,800/year. That's $23,400 in 3 years.
- Debt paydown= $6,000/year equity.
- Appreciation=$14,000/year equity.
- Tax benefits= so many tax deductions and benefits, but let's say $2,000 to $4,000/yr.
Your new financial picture:
EACH YEAR your net worth goes up $30,800...without doing ANYTHING (on a $1000 down investment, that's a quadruple-income stream return of 3,000%.) This is not a joke, I've done it myself and have helped many others do it! You're building your financial future the smart and easy way. If you want to move out, simply keep renting it out and make cashflow each month. Email me any questions you have.
Post-script: even if you rent out a room for $600/month, that's equivalent to working an extra side-job, and getting $7,200 extra dollars a year for doing nothing, not counting appreciation, debt-paydown, or tax benefits.
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